SG Americas Securities (SGAS), the North American arm of French lender Société Générale, filed its quarterly portfolio update with the SEC on Friday, revealing changes to its holdings in several electric vehicle makers.
In the April–June period, the bank sold its remaining 19,479 shares in Irvine-based EV maker Rivian while increasing its stake in Tesla by more than fivefold to 638,064 shares.
Meanwhile, SGAS trimmed its position in the Chinese electric vehicle maker Nio by 14.5%. to 1.8 million shares (from 2.1 million).
The stake was valued at $6 million by the end of the quarter.
However, as Nio saw its stock price surge since the pre-launch event of its new model L90 held in early July, the position is currently worth about $8.7 million.
The company started investing in the Shanghai-based EV maker in the first quarter of 2019, months after its initial public offering (IPO).
Initially holding 73,000 shares, SGAS increased its position with 3.64 million shares reported by the end of June — its record stake in Nio up to date.
For over three years, since early 2020 and until the end of 2023, the firm held less than 1 million shares in the EV maker.
Nio shares surged by about 5,000% between late 2019 and January 2021, when it reached a new all-time high of $66.99 per share.
Institutional ownership has dropped sharply by over 61% since mid-2022. As of Friday, 470 institutional investors held about 220 million shares in Nio, according to Nasdaq.
The filing also revealed that SGAS’s position in EV maker Lucid Motors has jumped to more than 1.3 million shares.
The investment firm bought 1 million shares in the US company between April and June, a 417.3% surge from 256,869 shares to a total of 1,328,819. The stake was valued at about $3 million.
It marked SGAS’ second-largest stake since it started investing in Lucid in late 2021, as the company went public.
Its holdings surged in the final quarter of 2022, reaching over 1.6 million shares, worth about $11 million at the time. However, the position was sharply reduced in the following quarters.
Lucid‘s institutional ownership jumped since the beginning of 2025, from about 1.6 billion shares to nearly 2.25 billion shares, collectively held by 548 institutions as of Wednesday, according to data from Nasdaq.
The company is mainly backed by Saudi Arabia’s Public Investment Fund (PIF), which held 1.77 billion shares in the automaker by the end of the first quarter.
Last week, several asset managers disclosed their quarterly filing with the SEC, including Lucid’s fifth largest institution, Geode Capital Management, which increased its stake in the company by 1.55 million shares to 22.6 million.
Wolverine reinitiated an equity position in Lucid during the second quarter, while exiting its remaining call options, acquiring 690,989 Lucid shares between April and June.
Bank of New York (BNY) also increased its position in Lucid by 5.8% during the second quarter to 3,271,692 shares in the Newark-based company.
In mid-July, Lucid announced plans for a 1-for-10 reverse stock split, which according to interim CEO Marc Winterhoff, was not prompted by concerns over a potential Nasdaq delisting.
Over the weekend, the company revised its SEC proxy materials to show that the total number of authorised shares will also be cut in proportion to the split.
As it announced the stock-split, the company unveiled a robotaxi partnership with Uber and Nuro, which led shares to soar. Late last week, the stock reversed to levels seen before the announcement, as concerns grew around the stock split.
Lucid reported a net loss of $855.3 million in the second quarter — widened from $790.3 million a year earlier. The company missed consensus on revenue by about $24 million and earnings per share (EPS) by 2 cents.
